Do you own a business? Is it running and doing successfully? Wanting a company that works for your business as diligent as you are? No need to worry and choose Dyman and Associates Insurance. We will assure you that you have chosen leading Business Insurance.

Tuesday, 24 June 2014

Dyman Associates Insurance Group of Companies Insurance Tips

Premiums for fire, casualty and burglary insurance on
business property are all deductible for tax purposes as trade or business
expenses. If a business taxpayer has a self-insurance plan, however, all
payments into the self-insurance reserve will not be tax-deductible for
purposes; the actual losses incurred by the taxpayer would be the deductions.

Premiums for life-insurance are tax-deductible. But
premiums paid on a policy covering the life of an officer, employee or other
key person are not deductible if the business is a direct or indirect
beneficiary under the policy. Premiums paid on a life insurance policy of which
the business is a beneficiary are not deductible, since life-insurance proceeds
would not have to be included in taxable income when received by the company.

Do not withhold any important information from your
insurance representative about your business and its exposure to loss. Treat
the individual as a professional helper.

Get at least three competitive bids using brokers,
direct agents and independent agents. Note the interest that the representative
takes in loss prevention and suggestions for specialty coverage.

Avoid duplication and overlap in policies; you will be
paying for insurance you do not need.

Ask your insurance firm if it's an "admitted
insurance company." If so, it should have a solvency fund should a
catastrophe put the insurance company in danger of going under. An unadmitted
carrier has no such solvency fund.

The small businessperson should not consider any form
of self-insurance. The pool of funds necessary to safely insure losses is
extraordinarily large.

Get your insurance coverage reassessed on an annual
basis. As your firm grows, so do your needs and potential liabilities.
Underinsurance ranks as a major problem with expanding firms. Get an
independent appraiser to value your property; if it has been more than five
years since it was last appraised, chance are you're in for a surprise.

Keep complete records of your insurance policies,
premiums paid, itemized losses and loss recoveries. This information will help
you get better coverage at lower costs in the future.

Insurance Losses

Virtually all policies require notification of an
accident within 24, 48 or 72 hours of the incident. The claim itself does not
necessarily have to filed at this time. Failure to report the loss may nullify
your right to recovery.

There must be come proof of loss, though you will have
a reasonable period to provide documentation if needed.

The insurer usually has three options when it comes to
fulfilling
the terms of a replacement policy: paying cash, repairing the insured item,
or replacing the insured item with one of similar quality. Don't hesitate to
let the insurer know if you prefer one of these reimbursement methods.

Disputes regarding the amount of the settlement are
put to arbitration. Thus an independent appraiser acts as judge in the conflict
Don't hesitate to use this system of resolving differences. If a compromise
cannot be found, a lawsuit can be initiated.